Just happen to see this posted over at Stockhouse.
And here everyone talks about manipulation on "junior" exchanges ... LOL
They Be Jammin! (8/24/01) by Dr. Stepan N. Stool, Chief of Stock Proctology
[excerpt from front page article on capitalstool.com ]
Do you know how many Specialist firms there are on the New York Stock Exchange? Would you believe 11? One of those is controlled by the biggest one, LaBranche and Co. and another is about to be acquired by LaBranche. So soon we'll have nine firms responsible for making the markets in every stock on the NYSE. LaBranche alone will control 594 stocks out of the 2,600 listed, accounting for 28.2% of the volume, 205 of the 500 stocks in the S&P 500, and 9 of the 30 stocks in the Dow.
The next largest firm is the venerable Spear Leeds and Kellogg, specialist in 496 stocks, 3 of 30 in the Dow, and 102 of the S&P 500. Oh, by the way, guess who owns the venerable Spear Leeds and Kellogg. You better sit the #### down. The venerable Spear Leeds and Kellogg sold itself in July of 2000 to none other than GOLDMAN SUCKS BLOOD! Now the question in Dr. Stool's mind is this. The Cloistered Abbey is a major player in a firm that makes the market in 20% of the S&P, and you're telling me she has no clue as to the market's direction? How can somebody whose firm actually runs the business be so wrong all the time? There can only be one answer. It's deliberate. But all this is beside the point, Doc is just venting.
Specialist firm number 3 is Fleet Meehan Specialist Inc. No this is not a subsidiary of the Fleet you're thinking of. In July of 2000, the venerable Meehan Specialist firm sold itself to, are you sitting again, Fleet Boston, one of the biggest frickin' banks in the US of Hay. Now, a big bank, receiving direct, massive injections of the green stuff from Algae Greenspew himself, is making a market in 427 stocks on the NYSE, including 85 on the S&P 500 and 9 on the Dow Jones Industrial Average. One bank, directly wired to the Fed fergodsakes, makes the market in 30% of the Dow Jones Industrial Average! And these guys aren't working on any 50% margin. Doc doesn't remember the exact figger from his stockbuster days, but the thinks that it's 10 or 15 to 1. The power of the Fed here is considerable, immediate, and direct.
Finally, specialist firm number four is Wagner Stott Bear Specialists, a unit of one of the greatest trading houses in the history of the world, Bear Stearns. Bear controls 352 stocks, including four on the Dow and 70 on the S&P.
Together, LaBranche, Goldman, Fleet, and Bear make the market in 1,762 stocks accounting for 83.4%, 83.4%! of the dollar volume on the NYSE. One of these firms is owned by a bank, and you'd better believe the others have a direct pipeline into the Fed via their banking relationships. Where do you think the dough for broker call money comes from? It's not from their own home kitchens, that's for sure. They're playing with bread freshly and baked by Al's Bakery last night.
Now there are some serious implications here. This is a cartel, and it is stage managed by the Fed. If you don't think the Fed directly intervened in the stock market Friday, you'd better think again. It was rigged from the word Cisco. The cartel didn't like what it saw Thursday, the Fed provided the dough with a massive coupon pass, Cisco lit the match, and it was off to the races.
There's a discussion about this on the Stool Pigeons Wire. It is one of the best threads Dr. Stool has ever seen on any investment message board anywhere (if he says so hisself). It was triggered by a post from one of the savviest, smartest people in this game. His nom de guerre is, appropriately, sigmoidoscope. Siggie has a way of seeing through all the crap and darkness, and throwing light on what's really going on inside the bowels of Wall Street. This is required reading for all Stool Seekers! Siggie, take it away! |
